Modern enterprise software may include accounting applications to help monitor an organization's finances. The accounting applications may manage transactions and finances for the entire organization, or departments or subsidiaries within the organization. Accounting applications may also be used to manage complex accounting, inventory management, balance sheet and financial report generation, and any other financial details of the business. For large businesses, Enterprise Resource Planning software may be used, and may include functional modules such as accounts payable, accounts receivable, payroll, and trial balance.
Despite the size and power of Enterprise Resource Planning software, the limits of such software may be tested by the sheer volume of transactions it is forced to manage. For large organizations with many departments and/or subsidiaries, tens of thousands of transactions may take place every single day. Most often, transactions are entered into a journal by an accountant and/or data entry clerk. This requires many man-hours to keep the financial accounting system up to date. Furthermore, operator errors may result in small mistakes in the accounting system that are propagated into critical financial reports and balance statements. Therefore, there is a need in the art for improvements.